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How can a couple live on a single income without breaking the bank and increasing the risk of debt? Here are a few practical tips to consider.
Many couples and families find it challenging to live stable lives and streamline their financial integrity. The problem worsens for couples who live on a single income. The Covid-19 pandemic is the most significant reason people lose their jobs and rely on one income. Today’s article will give practical tips to survive on a single income without breaking the bank. Read on!
Creating a budget is the first step for a couple to take control of their finances. It enables you to analyze and understand where the money goes and allows you to adjust your spending accordingly. The purpose is to spend money wisely based on how much you can afford.
While creating a budget is an excellent method for everyone, it is critical for a couple living on a single or limited income. We suggested writing down your budget plans and goals and focusing on categorizing your expenses. Remember, your budget won’t work if you fail to stick to it.
Another crucial tip for a couple to avoid breaking the bank during these uncertain financial times is sticking to what it can afford. For example, if you can afford a “used” Honda Civic, you must not go into debt by purchasing a brand-new Mercedes.
Likewise, avoid using your credit card on a shopping spree because it can rack up bills and increase debts. How will you pay off credit card debt if you have lost one source of income?
Remember, this is a serious question to ask yourself. Besides, you must create an emergency fund to tackle unpleasant or unforeseen financial situations. Understand the difference between “needs” and “wants and always use cash to avoid debt. Don’t rely on credit!
If your spouse plans to leave the job for any reason, you must discuss the financial situation and look over your expenses. For instance, cut unnecessary costs, such as cable television, gym subscriptions, online streaming websites, going out for lunch or dinner, etc., to save a few hundred dollars per month.
Watching TV these days is a waste of time. Instead, you can watch the news, your favorite shows, and movies on YouTube, Dailymotion, and other online platforms. However, this does not mean spending on OTT platforms like Netflix, Amazon Prime, etc.
Instead of going to the gym, start exercising at home to maintain your physical and mental health. Even if you love going to the gym, we suggest sacrificing your hobby and sticking to the home-based exercise plan.
Once you have cut every expense from your monthly budget but still can’t pay your utility bills, consider other ways to earn money. For example, if you have good logo designing or writing skills, you can create a freelancer account on Fiverr and work from home to make good money.
Moreover, try to learn the art of “saying no” and sacrifice your wishes and desires for some time to prevent financial instability. For example, if a friend asks you to go out for dinner, refuse and say, “I would love to have dinner with you in ABC restaurant, but I am a little busy.”